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Auto Insurance

The Differences Between Personal and Commercial Auto Insurance

Just about any vehicle that someone drives on the road requires insurance. If it’s a vehicle you personally own that you only use to transport yourself, friends and family, or your pet, all you need is personal auto insurance. However, if you use your vehicle for work, transporting people, their pets or their products, you may need commercial car insurance. Read on to learn more about the different categories of auto insurance. 

Understanding Personal Auto Insurance

Personal auto insurance is meant to cover you in the event that something happens to your personal vehicle. It typically includes liability insurance by default, which covers the other person in an accident if you’re at fault. You can also opt for collision or comprehensive coverage, which help cover you and your vehicle in the event of an accident, theft or other type of auto insurance claim.  

Key Features of Personal Auto Insurance

When you buy personal auto insurance, it only covers you in the event that you are not using your vehicle for work. Premiums can be impacted by factors like age, gender, driving history and vehicle type. Depending on the type of coverage you decide on, your credit score can also impact your premium. You can add additional coverage, such as uninsured motorist coverage and medical payments coverage, to provide extra protection where needed. 

Commercial Auto Insurance Explained

Commercial auto insurance is meant to cover your company in the event that something happens to a vehicle used for work. If you drive for a rideshare or delivery service, you may need rideshare insurance in addition to your personal insurance. The company will have insurance, as well. In most cases, commercial auto insurance is owned by a business and used for vehicles owned by that business. 

Coverage Options for Commercial Auto Insurance

Commercial auto insurance has some of the same coverage as personal auto insurance, plus business-related coverage. While it still includes liability coverage, there is also physical damage coverage, cargo coverage and non-owned vehicle coverage. These are all meant to keep the business and the driver covered in the event of an accident. 

If you own a business that owns vehicles, you need commercial auto insurance. Otherwise, personal insurance or rideshare insurance should suffice. Find personal auto insurance coverage options from over 50 top-rated carriers in less than 5 minutes today, and be sure with Nsure

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